GST claim - LIC

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19 Points Posted on 18 April 2021
I am a commission agent in cashews. I do have GST registration. Can I claim GST set-off in my LIC policies against my sales bill GST?
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On 18 April 2021 at 19:12 Report
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This discussion clarifies whether commission agents with GST registration can claim GST set-off on their LIC policies against sales bills. The consensus is that this is not permissible. Input Tax Credit (ITC) can only be claimed if the purchase directly furthers your business, which is generally not the case for LIC policies.

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Chartered Accountant
24588 Points Posted on 18 April 2021
No, you cannot set off GST of commission agent against LIC policy
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On 18 April 2021 at 19:23
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19 Points Posted on 18 April 2021

Thanks

Sourav

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On 18 April 2021 at 19:24
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GST Practitioner
55067 Points Posted on 18 April 2021
Agree with Mr. Sourav ... not available.
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On 18 April 2021 at 20:15
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Chartered Accountant
24588 Points Posted on 18 April 2021
Your welcome
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On 18 April 2021 at 20:28
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1388 Points Posted on 18 April 2021
No you can't claim
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On 18 April 2021 at 21:58
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CA
1258 Points Posted on 24 April 2021

You can claim Input tax credit (ITC) only if the purchase was for the furtherance of your business. In this case the ITC is not directly related to the furtherance of your business so it is not admissible as per section 17(5)

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On 24 April 2021 at 00:19

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